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Ask Matt: I'm in jail. What can I do with money?

Q: I'm in jail. What should I do to manage my money while I'm locked up? A1: Investors in jail might have different day-to-day concerns than the rest of us. But inmates, depending on their situations, share

Q: I'm in jail. What should I do to manage my money while I'm locked up?

A: Investors in jail might have different day-to-day concerns than the rest of us. But inmates, depending on their situations, share some similar financial goals.

Answering a question like this specifically is difficult since inmates do have some very unique concerns. Not knowing how long the sentence is or what kind of jobs the convict will be able to get when you get out have a serious impact on a financial plan.

Some general truths, though, apply. Since it sounds like a release is planned in the future, gearing up for retirement is especially important. Inmates have often lost many of their income-generating years. To help solve this, inmates with any earned income at the jail will want to see if it's possible to make contributions to retirement accounts.

Another big variable is marital status. A working spouse can be critical in keeping a retirement plan somewhat on track while one worker is behind bars. Inmates who are married need to lean on working spouses to keep retirement contributions going.

Lastly, resist the temptation to swing for the big score with stocks. A diversified portfolio will be a big help in keeping your money up with the inflation that will rage during jail time.